REG - Ormonde Mining PLC - Investee Company Update: TRU Precious Metals

Equinox GoldAnnouncement

Wed 17:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250910:nRSJ8393Ya&default-theme=true

RNS Number : 8393Y  Ormonde Mining PLC  10 September 2025

10 September 2025

Ormonde Mining plc

("Ormonde" or the "Company")

 

Investee Company Update: TRU Precious Metals

 

TRU reports results from 2025 drilling programme intersecting gold-bearing
mineralisation in every hole

 

Ormonde Mining plc (https://ormondemining.com/) (AQSE: ORM), the natural
resources company with investment exposure to outstanding gold and also
battery metal exploration assets, notes drilling results announced today by
its 36.5%-owned investee company TRU Precious Metals Corp. (TSXV: TRU, OTCQB:
TRUIF) ("TRU"), which is exploring for gold and copper in the highly
prospective Central Newfoundland Gold Belt in Canada.

 

The results are from TRU's 2025 diamond drilling programme, consisting of
1,988 metres in a total of four holes on its Golden Rose Project ("Golden
Rose"), and confirm the presence of gold-bearing mineralisation in every hole.

 

A previously unknown broad mineralised sandstone unit was intersected in two
of the drill holes over an interpreted minimum strike length of 500m,
delivering assay results of up to 1.3g/t of gold. A second previously unknown
mineralised zone showed similarities to the aforementioned sandstone unit,
which may represent an along strike zone of the same zone.

 

The full announcement from TRU follows below.

 

Brian Timmons, Executive Chair of Ormonde, commented:

 

"We invested in TRU to provide Ormonde's investors with exposure to what we
believe could be the next major gold discovery in one of the world's most
attractive gold producing regions: Newfoundland. Since our investment, the
Golden Rose Project has been optioned by Eldorado Gold, with a market
capitalisation of over US$5 billion, and TRU's first drilling has exceeded
expectations. These results will shape future follow-up drilling programmes.
In the Board's view, TRU's valuation of under C$5 million considerably
undervalues the Golden Rose opportunity. We are looking for a dramatic
re-rating over time as the mining community acknowledges the prospectivity of
the Golden Rose property. Exploration is a game of patience, and we believe
this investment has the potential to deliver high returns to our shareholders
as exploration progresses."

 

 

 

TRU Reports on Results from 2025 Drilling Program Intersecting Gold-Bearing
Mineralisation in Every Hole

 

Toronto, Ontario - September 10, 2025 - TRU Precious Metals Corp. (TSXV:TRU,
FSE:706) ("TRU" or the "Company") is pleased to provide the results from its
2025 diamond drilling program consisting of 1,988 meters ("m") in a total of
four holes on its Golden Rose Project ("Golden Rose"). (See Figure 1)

 

Highlights

·    The investigative, wide-spaced, four-hole, (1,988m) diamond drilling
program intersected gold-bearing mineralization in every hole

·    A previously unknown broad mineralized sandstone unit was intersected
in two of the drill holes (GR 25-03 and GR 25-04) over an interpreted minimum
strike length of 500m. Assay results from this mineralized sandstone are:

o 1.0 grams per tonne ("g/t") gold ("Au") over 13.3m including 1.3g/t over
5.3m, within a much wider interval of 0.3g/t over 65.3m in GR 25-03

o 1.0g/t Au over 5.1m within a wider interval of 0.5g/t over 18.2m in GR 25-04

·    A second previously unknown mineralized zone displaying similarities
to the above- mentioned mineralized sandstone, and which may represent an
along strike extension of the same zone, was intersected in drill hole GR
25-02 providing an intercept of 1.0g/t Au over 4.0m

·    Indications of continuity of the previously trenched Northcott zone
were identified over 240m vertically at depth in drill hole GR 25-01

 

Reported intervals are length-weighted down-hole. True widths of reported
mineralized intervals, as a percentage of down-hole intervals, are estimated
to be between 60% and 80%.  Sample length varied between 1.5m maximum and
1.0m minimum, except where smaller sample lengths were required for geological
reasons. No grade capping applied.

 

TRU CEO Steve Nicol commented: "I am very pleased to be reporting upon the
results achieved in our investigative 2025 drilling program which exceeded
expectations with all 4 holes intersecting gold-bearing mineralization. We are
very encouraged by the positive first test of the potential vertical
continuity of the Northcott mineralization typified by high grades over narrow
widths at surface from the 2023 trenching(1), and especially by the discovery
of two previously unknown gold mineralized zones, one of which is
approximately 1.6 kilometers to the southwest of Mark's Pond with an
interpreted strike length in excess of 500m and favourable initial intercepts
within broad lower grade envelopes. The significance of these results
continues to be assessed together with ongoing results from the mapping and
ground truthing programs currently underway across the Golden Rose Project
area all feeding into the design of future follow-up drilling programs."

 

(1) For further information see the Company's news release dated Jan 12, 2023

 

2025 Drilling Program Results

Details of the 4 completed drill holes comprising the drilling program are as
follows

 

 Drillhole  Collar Location               Drillhole
 Number     Northing  Easting  Elevation  Azimuth  Dip   Length
            (m)       (m)      (m)        (Deg)    Deg)  (m)

 GR 25-01   5343640   453775   433        315      -50   620
 GR 25-02   5343431   453560   431        315      -60   638
 GR 25-03   5342436   452606   402        315      -60   356
 GR 25-04   5342114   452228   397        313      -60   374

 

Table 1 - Details of completed drill holes

 

 

The following map shows the locations of the 4 drillholes

 

Figure 1 - Location of 2025 drilling

 

A full set of the length weighted intercepts received is provided in the
following table.

 

 Drill Hole  From   To     Interval  Au Grade
             (mdh)  (mdh)  (m)       (g/t)

 GR 25-04    157.3  175.5  18.2      0.5
 incl.       157.3  162.4  5.1       1.0
 and         167.5  169.1  1.6       1.7

 GR 25-03    123.0  124.5  1.5       2.5
             231.0  296.3  65.3      0.3
 incl.       231.0  244.3  13.3      1.0
 and         272.0  277.0  5.0       0.7
 and         296.0  296.3  0.3       2.0

 GR 25-02    304.7  308.7  4.0       1.0

 GR 25-01    79.7   82.7   3.0       0.5
             144.5  147.3  2.8       0.7
             366.9  367.3  0.4       2.1

 

Table 2 - Length weighted drill hole intercepts

 

All drilling was carried out to recover NQ size diamond core.

 

Table provides down hole lengths. True widths of reported mineralized
intervals, as a percentage of down-hole intervals, are estimated to be between
60% and 80%.

 

There were no known drilling, sampling, recovery or other factors that could
materially affect the accuracy or reliability of the data referred to in this
news release.

 

Discussion of Results

 

Aims of the drilling included:

 

1.   Complying with the contractual drilling expenditure commitments under
the Option Agreement between Quadro Resources Ltd. and TRU concerning the
Staghorn property in Newfoundland and Labrador ("Staghorn"), as amended (the
"Option Agreement")

2.   Infilling a 200m gap in past drilling near the historic southwest
extent of drilling on the mineralized zone at Mark's Pond

3.   Exploring potential for down dip continuity of the mineralized zone at
Northcott

4.   Exploring the prospectivity of the intervening sequence of lithology
between the Mark's Pond and Northcott mineralized zones - a horizontal
distance of some 200m.

5.   Exploring the prospectivity of a potential repeat of the Mark's Pond
zone some 1.6 kilometers ("km") further to the southwest.

 

The target area for the 2025 drilling program was focused upon a portion of
the Mark's Pond to Rich House "exploration fairway." (see the Company's news
release dated April 03, 2025
(https://www.trupreciousmetals.com/news-page/tru-awards-drilling-contract-for-the-2025-drilling-program-at-golden-rose)
) based upon its interpreted prospectivity and the necessity to comply with
certain drilling commitments pursuant to the terms of the Option Agreement.
The Staghorn licenses comprise part of the exploration fairway and represent
approximately 11% of the total Golden Rose licenses area. (see the Company's
news releases dated June 16, 2022
(https://www.trupreciousmetals.com/news-page/tru-signs-definitive-option-agreement-for-consolidation-of-final-contiguous-gold-property-at-golden-rose-project)
and August 18, 2022
(https://www.trupreciousmetals.com/news-page/tru-closes-option-agreement-for-staghorn-project-and-achieves-strategic-consolidation-of-cape-ray-valentine-lake-shear-zone)
). Satisfactory completion of the 2025 drill program enabled TRU to exercise
its option to acquire a 51% interest in the Staghorn property. (See the
Company's news release dated July 10, 2025
(https://www.trupreciousmetals.com/news-page/tru-exercises-initial-option-to-acquire-51-interest-in-staghorn-property)
)

 

Geological Results (See Figures 2 and 3)

 

Drillholes GR 25-03 and GR 25-04 were both drilled with the aim of testing a
coincident soil and magnetic anomaly located to the southwest of Mark's Pond
which is similar to that which vectored to the original Mark's Pond discovery
in 2018 (see Quadro Resources Ltd. New Release dated November 06, 2018). GR
25-03 was collared some 1.6km southwest of Mark's Pond, with GR 25- 04 being
collard a further 500m to the southwest beyond GR 25-03. Whilst not
intersecting mineralization similar to the Mark's Pond mineralization, both
drillholes intersected a wide zone of gold-bearing mineralization hosted in a
pale green to grey fine grained tuffaceous sandstone unit containing pyrite,
arsenopyrite, and galena, which has not been previously encountered at Golden
Rose. Both drillholes provided 1.0g/t Au intercepts over widths of 13.3m and
5.1m respectively, each contained within much larger lower grade envelope of
0.3g/t over 65.3m, and 0.5g/t over 18.2m, respectively. Correlation across the
two drillholes is positive suggesting a minimum 500m extension of this
previously unknown mineralization which is open in all directions.

 

Drillhole GR 25-01 was targeted to infill a gap of some 200m in historic
drilling in the Mark's Pond zone. The hole encountered two intercepts (0.5g/t
Au over 3.0 m from 79.7m downhole, and 0.7g/t Au over 2.8m from 144.5m) which
are interpreted to indicate the potential for the mineralization at Mark's
Pond to continue to the southwest.

 

GR 25-01 was then extended to provide an initial test of the down dip
continuity of the Northcott mineralized zone, as well as a drill test on the
intervening lithology. Northcott lies some 200m to the northwest of the Mark's
Pond zone and was discovered by TRU in 2023 (see the Company's
(https://www.trupreciousmetals.com/news-page/tru-reports-high-grade-gold-channel-sampling-results-from-marks-pond-trench-at-golden-rose-project-including-576-g/t-au-over-25-m-34-g/t-au-over-2-m-235-g/t-au-over-2-m)
news release dated January 12, 2023
(https://www.trupreciousmetals.com/news-page/tru-reports-high-grade-gold-channel-sampling-results-from-marks-pond-trench-at-golden-rose-project-including-576-g/t-au-over-25-m-34-g/t-au-over-2-m-235-g/t-au-over-2-m)
) during surface trenching in the area. Northcott provided several bonanza
grade intercepts across approximately 2.0m of quartz veining in the trenching,
including considerable visible gold. GR 25-01 is interpreted to have
intersected the down dip extension of the Northcott mineralized zone at a
vertical depth of some 240m (367m downhole) providing an intercept of 2.1g/t
over 0.4m. Whilst not replicating the bonanza grades seen in parts of the
trench, this result points to a significant downdip potential for the zone
which remains open at depth.

 

GR 25-02 was designed with similar aims to GR 25-01 and represented a parallel
step-out drill hole collared some 300m to the southwest of GR 25-01. While GR
25-02 did not intersect gold grade corresponding to the projected position of
either the Mark's Pond or Northcott mineralized zones, it did intercept
(1.0g/t Au over 4.0m) hosted in a lithological unit displaying similarities to
the sandstone unit hosting the mineralized zone intersected in GR 25-03 and GR
25-04 located approximately a kilometer to the southwest. Additional work is
required to understand if the mineralized unit intercepted in GR 25-02
represents an extension of the same zone discovered in GR 25-03 and GR 25-04,
or whether it is a similar though parallel additional mineralized zone.

 

 

Figure 2 -Main 2025 drilling intercepts obtained and mineralized zones

Figure 3 - 2025 drill program showing scale of drilling area and mineralized
zones

 

TRU geologists and advisors will be assessing all the results achieved in the
2025 drilling program, and their implications for prioritisation of targets
for future drill programs.

 

In parallel, the TRU exploration team remains in the field for the rest of the
2025 field season advancing mapping and ground truthing programs across the
entire project area with the objective of further refining the geological and
structural site-wide model and adding to the expanding pipeline of quality
drill targets.

 

Quality Assurance - Quality Control ("QA/QC")

 

During all exploration sampling and analysis works on its Golden Rose Project,
TRU maintains a strict quality assurance program, implements a quality control
program, and has a sample security procedure in place. These are tailored as
necessary to be appropriate to the types of samples being collected.

 

Samples reported on in this news release comprised half (cut) NQ diamond drill
core.

 

All the NQ core recovered during the 2025 drilling program was delivered on a
shift-by-shift basis by the drilling contractor to the core processing area
purpose built by TRU onsite at Golden Rose. All core was orientated,
photographed, detail logged, and delineated for sampling by TRU geological
team. Core was subsequently halved by a diamond-bladed core saw operated by
TRU geological team, with one half of the core then being sampled and bagged
(in accordance with in-house procedures) for sending to the laboratory for
analysis. The remaining half of the core was stored for future reference or
use.

 

Half core samples, each with a unique sample identification, were individually
sealed inside tie- locked plastic bags which were packed into rice sacks which
were also tie-locked. The rice sacks were packed onto wooden shipping pallets
with the pallet load being plastic wrapped ready for dispatch. All this was
carried out by TRU geological team at the core processing area under the
direct supervision of Joel Cranford, TRU's Qualified Person.

 

All the above steps, including selection of half core for analysis, were
conducted in accordance with TRU in-house written Standard Operating
Procedures for Core Handling, Core Photography, Core Logging, Core Cutting,
and Core Sampling.

 

QA/QC samples, including blanks and certified standards were inserted into the
sample runs prior to samples being loaded into rice sacks, in accordance with
TRU Standard Operating Procedure for QAQC sample selection and insertion.
Insertion rates for blanks and certified standards were approximately 5%
(each) of all samples submitted for assay. Field duplicates were also used.

 

The plastic wrapped rice sacks on pallets were loaded onto a contractor
flat-tray truck for transport directly from the Golden Rose site to the
shipping agent in Corner Brook, who shipped the pallets directly to the ALS
Laboratory in Moncton, NB.

 

Chemical analysis of core samples was carried out at ALS laboratories in
Moncton NB (17 Somers Dr, Moncton, NB E1H 2P3) a commercial geoscience
laboratory that is ISO/IEC 17025 accredited and completely independent of TRU.

 

Samples were analyzed using a 4 acid digestion with Inductively Coupled Plasma
Mass Spectrometry (ICP MS) finish (25g) for a full suite of elements plus fire
assay (30g) with Atomic Absorption Spectrometry (AAS) finish for gold values.

 

Samples returning assayed values in excess of 10g/t Au were to be re-assayed
using fire assay with Gravimetric finish (30g), however, no such samples were
encountered.

 

Re-assaying (by screened fire assay, fire assay with gravimetric finish or
other appropriate method) of two samples with logged visible gold is yet to be
undertaken.

 

Data Verification Statement

 

Prof. G. Earls, EurGeol PGeo, FSEG, an independent Qualified Person under
National Instrument 43-101 - Standards of Disclosure in Mineral Projects("NI
43-101Standards")) has independently checked and verified the data disclosed
including sampling, analytical, and test data underlying the information or
opinions contained in this news release.

 

Data verification included:

 

·    Review of all Standard Operating Procedures

·    Batch checking of analytical data to ensure no input or translation
errors

·    Check calculation of all intercepts reported

·    Visual inspection of all mineralized intercepts recovered during the
drilling program.

·    Review of logging and photographic databases to confirm validity of
intercepts reported

·    Detailed review of all QA/QC results

 

No material flaws were detected during the data verification exercise.

 

Qualified Person Disclosure

 

Joel Cranford, P.Geo., Project Geologist for TRU, and a Qualified Person under
NI 43-101, has prepared or supervised the preparation of the scientific and
technical information contained in this news release and has approved its
disclosure.

 

About TRU Precious Metals Corp.

 

TRU (TSXV:TRU, FSE:706) is on a mission to build long-term shareholder value
through prudent natural resource property development. The company's flagship
project is the Golden Rose Project a regional-scale 297.50 km2 land package in
Central Western Newfoundland (includes a 33.25 km2 package of claims over
which TRU has a 51% interest) which straddles a 45 km strike length along the
gold deposit-bearing Cape Ray - Valentine Lake Shear Zone, directly between
Equinox Gold Corp's Valentine Project and AuMEGA Metals Ltd' Cape Ray Gold
Project. TRU is currently focused on efficiently discovering the full gold and
copper potential at Golden Rose, targeting continuity along this proven gold
bearing trend. The Golden Rose Project is currently subject to an earn-in
agreement (the "Earn-In Agreement") with TSX-listed Eldorado Gold Corporation
("Eldorado"), whereby Eldorado has the option to fund CAD15.25M in cash
payments and exploration expenditures over 5 years to earn an 80%-interest in
the Golden Rose project. Please refer to the Company's July 30th, 2024 press
release for further details of the Earn-In Agreement.

 

TRU is approximately 36%-owned by European strategic investor Ormonde Mining
plc (AQSE:ORM).

 

 

 

Enquiries:

 

Ormonde Mining plc

Brian Timmons, Chairman / Brendan McMorrow, CEO

Tel: +353 1 8014184

 

Vigo Consulting (Investor Relations)

Ben Simons / Fiona Hetherington

Tel: 44 (0)20 7390 0230

 

Peterhouse Capital (Aquis Corporate Adviser)

Tel: +44 (0)20 7469 0930

 

About Ormonde Mining

 

Ormonde is a natural resources company delivering exposure to outstanding gold
and battery metal exploration projects. Ormonde's portfolio comprises:

 

·    An 36.5% interest in TRU Precious Metals (TSXV: TRU), which is
exploring for gold and copper in the highly prospective Central Newfoundland
Gold Belt in Canada, funded by Eldorado Gold Corporation (TSE: ELD - US$4.2 Bn
market cap) which has optioned the project.

·    A 100% interest in two gold exploration licences in the Zamora
province in western Spain, for which the Company is advancing value enhancing
options

·    A 18.9% interest in Peak Nickel Limited, which is exploring for
battery metals at the Rodburn Project in Aberdeenshire with indications of a
significant deposit.

 

Ormonde's shares are quoted on the Aquis Stock Exchange Growth Market under
the symbol AQSE: ORM.

 

For more information, visit the Company's website at www.ormondemining.com
(https://ormondemining.com/) .

 

The Directors of the Company accept responsibility for the contents of this
announcement.

 

 

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/ormonde-mining-plc/
(https://www.linkedin.com/company/ormonde-mining-plc/)

 

X: https://x.com/OrmondeMining (https://twitter.com/OrmondeMining)

 

Subscribe to our email alert service to be notified whenever Ormonde releases
news:

 

https://ormondemining.com/news/regulatory-news/#1469694747033-931e13b7-bd9d
(https://ormondemining.com/news/regulatory-news/#1469694747033-931e13b7-bd9d)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NEXPKKBQQBKDACD